Speed Sensor Market Size & Share 2021 to 2027
Market Size by Type (Hall Effect, Magneto Resistive, Variable Reluctance), by Application (Automotive, Industrial, Aerospace & Defense, Consumer Electronics), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast.
Report ID: GMI5020
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Published Date: March 2021
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Report Format: PDF
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Authors:
Suraj Gujar, Ankita Chavan
Speed Sensor Market Size
Speed Sensor Market size was valued at over USD 8.5 billion in 2020 and is estimated to grow at a CAGR of more than 4.5% from 2021 to 2027.
The rising penetration of surveillance drones and unmanned aerial vehicles (UAVs) across developed economies is projected to drive the market growth during the forecast period. According to March 2021 press release by Federal Aviation Administration (FAA), the operational unmanned aircraft systems (UAS) present in the U.S. accounted for 1.1 million units in March 2021, of which recreational drones accounted for 496,647 units and commercial UAVs accounted for 372,157 units. The UAVs and drones are integrated with speed sensors for achieving uniformity in the rotation of propellers and brushless DC motors while controlling the flight speed. Several industries, including logistics, construction, and e-commerce sectors, are incorporating commercial UAVs for inspection, mapping, surveying, and delivery applications, which is expected to amplify the adoption of speed sensor in the market during the forecast timeframe.
The speed sensor is a device used for measuring the rotational speed of moving objects. These sensors provide wear-free and contactless measurement of multiple mechanical quantities including angular speed and angle of rotation of a rotating target such as gear, shaft or similar mechanism.
The speed sensor market had witnessed negative impact due the COVID-19 outbreak. With the rise in the COVID-19 cases, the regional governments across imposed lockdown to reduce the spread of the COVID- 19. The lockdown led to the slowdown of operations in the automotive, mining and steel industries. The manufacturing of vehicles including aircrafts came to rest due to barriers in the production and supply of raw materials. The restrictions on the trade such as disruption in Chinese parts exports, interruptions in large scale manufacturing in Europe and shutdown of the assembly plants in US hampered the global speed sensors market. In addition to interrupted trade, the migration of labors to their native places resulted in declined production with supply chain disruption.
Speed Sensor Market Analysis
The hall effect segment dominated around 50% of the market share in 2020 and is poised to witness a 5% growth rate till 2027 led by technological advancements in hall-based speed sensors, such as Circular Vertical Hall (CVH) technology. The development will help sensor manufacturers to provide low insertion losses, lower cost, smaller sensor footprint, and improved sensor lifecycle.
The hall-based speed sensor provides several intuitive features such as contactless speed sensing with high linearity, precision accuracy, and wide frequency bandwidth. These speed sensors can withstand high temperature environments and also provide pre-programmability features that are suitable for industrial and aeronautics applications. The market players are proactively focusing on development and new innovations in hall-based sensing components and ICs to achieve a competitive advantage in the market.
The automotive application captured over 50% of the revenue share in 2020 and will grow at a CAGR of 5.5% till 2027 on account of growing usage of ADAS in vehicle electronics systems. The speed sensor is used in various ADAS components such as electronic stability control (ESC), automatic emergency braking (AEB), adaptive cruise control (ACC), forward collision warning, lane departure warning systems, among others.
The stringent government regulations pertaining to compulsory inclusion of ADAS systems in upcoming vehicles have resulted in expansion of the market. For instance, in September 2018, the Ministry of Road Transport & Highways, Government of India, announced mandatory inclusion of autonomous emergency braking (AEB) and electronic stability control (ESC) in all upcoming vehicles by 2022.
Asia Pacific speed sensor market accounted for over 35% of revenue share in 2020 and is predicted to attain a CAGR of 5.5% from 2021 to 2027 owing to favorable government initiatives, supporting the consumer electronics manufacturing sector in the region. For example, in September 2020, the Ministry of Economy, Trade and Industry (METI), Japan, announced to fund USD 225 million to Japanese consumer electronics manufacturers to relocate their manufacturing bases from China to other APAC countries. Through this initiative, the Japanese Government aims to reduce the dependence on raw materials and components from a particular country and realign its supply-chain activities in the market.
Additionally, the government of India is also focusing on development of domestic consumer electronics manufacturing hub in the country by providing supportive initiatives and funding to the local as well as international leaders. For instance, in March 2020, the Union Cabinet, Government of India passed a production-linked incentive (PLI) scheme to augment the domestic manufacturing of consumer electronics and healthcare sector. The total incentive budget of the scheme is approximately USD 5.6 billion by 2025. Such supportive government initiatives will provide new opportunities to speed sensor manufacturers in the APAC market.
Speed Sensor Market Share
Key companies operating in the market are :
The industry participants are continuously focusing on R&D activities to develop technically advanced products than their competitors in the market.
The speed sensor market resea.rch report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2027 for the following segments:
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Market, By Type
Market, By Application
The above information has been provided for the following regions and countries:
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